Form 8038-Gc - Information Return For Small Tax-Exempt Governmental Bond Issues, Leases, And Installment Sales Page 3
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Form 8038-GC (Rev. 1-2012)
Page
Paid Preparer
street address. If a change in address occurs
Lines 9i and 9j. For line 9i, enter the amount
after the return is filed, use Form 8822,
of the proceeds that will be used to pay
If an authorized representative of the issuer
Change of Address, to notify the IRS of the
principal, interest, or call premium on any
filled in its return, the paid preparer’s space
new address.
other issue of bonds, including proceeds that
should remain blank. Anyone who prepares
will be used to fund an escrow account for
the return but does not charge the
this purpose. Several lines may apply to a
Note. The address entered on lines 3 and 4 is
organization should not sign the return.
particular obligation. For example, report on
the address the IRS will use for all written
Certain others who prepare the return should
lines 9i and 9j obligations used to refund prior
communications regarding the processing of
not sign. For example, a regular, full-time
issues which represent loans from the
this return, including any notices. By
employee of the issuer, such as a clerk,
proceeds of another tax-exempt obligation.
authorizing a person other than an authorized
secretary, etc., should not sign.
officer or other employee of the issuer to
Line 9k. Enter on line 9k the amount on line
communicate with the IRS and whom the IRS
Generally, anyone who is paid to prepare a
8a that does not represent an obligation
may contact about this return, the issuer
return must sign it and fill in the other blanks
described on lines 9a through 9j.
authorizes the IRS to communicate directly
in the Paid Preparer Use Only area of the
Line 10. Check this box if the issuer has
with the individual listed on line 6, whose
return. A paid preparer cannot use a social
designated any issue as a “small issuer
address is entered on lines 3 and 4 and
security number in the Paid Preparer Use Only
exception” under section 265(b)(3)(B)(i)(III).
consents to disclose the issuer's return
box. The paid preparer must use a preparer
information to that individual, as necessary, to
tax identification number (PTIN). If the paid
Line 11. Check this box if the issue is a
process this return.
preparer is self-employed, the preparer
construction issue and an irrevocable election
should enter his or her address in the box.
to pay a penalty in lieu of arbitrage rebate has
Line 5. This line is for IRS use only. Do not
been made on or before the date the bonds
The paid preparer must:
make any entries in this box.
were issued. The penalty is payable with a
• Sign the return in the space provided for the
Part II—Description of Obligations
Form 8038-T for each 6-month period after
preparer’s signature, and
the date the bonds are issued. Do not make
Check the appropriate box designating this as
• Give a copy of the return to the issuer.
any payment of penalty in lieu of rebate with
a return on a single issue basis or a
Form 8038-GC. See Rev. Proc. 92-22,
consolidated return basis.
Paperwork Reduction Act Notice
1992-1 C.B. 736, for rules regarding the
“election document.”
Line 8a. The issue price of obligations is
We ask for the information on this form to
generally determined under Regulations
Line 12. Enter the name of the vendor or bank
carry out the Internal Revenue laws of the
section 1.148-1(b). Thus, when issued for
who is a party to the installment purchase
United States. You are required to give us the
cash, the issue price is the price at which a
agreement, loan, or financial lease. If there
information. We need it to ensure that you are
substantial amount of the obligations are sold
are multiple vendors or banks, the issuer
complying with these laws.
to the public. To determine the issue price of
should attach a schedule.
an obligation issued for property, see sections
You are not required to provide the
Line 13. Enter the employer identification
1273 and 1274 and the related regulations.
information requested on a form that is
number of the vendor or bank who is a party
subject to the Paperwork Reduction Act
Line 8b. For a single issue, enter the date of
to the installment purchase agreement, loan,
unless the form displays a valid OMB control
issue (for example, 03/15/2010 for a single
or financial lease. If there are multiple vendors
number. Books or records relating to a form
issue issued on March 15, 2010), generally
or banks, the issuer should attach a schedule.
or its instructions must be retained as long as
the date on which the issuer physically
their contents may become material in the
Signature and Consent
exchanges the bonds that are part of the
administration of any Internal Revenue law.
issue for the underwriter’s (or other
An authorized representative of the issuer
Generally, tax returns and return information
purchaser’s) funds; for a lease or installment
must sign Form 8038-GC and any applicable
are confidential, as required by section 6103.
sale, enter the date interest starts to accrue.
certification. Also print the name and title of
For issues reported on a consolidated basis,
The time needed to complete and file this
the person signing Form 8038-GC. The
enter the first day of the calendar year during
form will vary depending on individual
authorized representative of the issuer signing
which the obligations were issued (for
circumstances. The estimated average time is:
this form must have the authority to consent
example, for calendar year 2010, enter
Learning about the
to the disclosure of the issuer's return
01/01/2010).
law or the form
.
.
.
.
4 hr., 46 min.
information, as necessary to process this
Lines 9a through 9h. Complete this section if
return, to the person(s) that has been
Preparing the form . . . . 2 hr., 22 min.
property other than cash is exchanged for the
designated in this form.
Copying, assembling, and
obligation, for example, acquiring a police car,
Note. If the issuer authorizes in line 6 the IRS
sending the form to the IRS . 2 hr., 34 min.
a fire truck, or telephone equipment through a
to communicate with a person other than an
series of monthly payments. (This type of
If you have comments concerning the
officer or other employee of the issuer, (such
obligation is sometimes referred to as a
accuracy of these time estimates or
authorization shall include contact both in
“municipal lease.”) Also complete this section
suggestions for making this form simpler, we
writing regardless of the address entered in
if real property is directly acquired in
would be happy to hear from you. You can
lines 3 and 4, and by telephone) by signing
exchange for an obligation to make periodic
write to the Internal Revenue Service, Tax
this form, the issuer's authorized
payments of interest and principal.
Products Coordinating Committee,
representative consents to the disclosure of
SE:W:CAR:MP:T:M:S, 1111 Constitution Ave.
Do not complete lines 9a through 9d if the
the issuer's return information, as necessary
NW, IR-6526, Washington, DC 20224. Do not
proceeds of an obligation are received in the
to process this return, to such person.
send the form to this address. Instead, see
form of cash even if the term “lease” is used
Where To File.
in the title of the issue. For lines 9a through
9d, enter the amount on the appropriate line
that represents a lease or installment
purchase. For line 9d, enter the type of item
that is leased. For lines 9e through 9h, enter
the amount on the appropriate line that
represents a bank loan. For line 9h, enter the
type of bank loan.
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